(Reuters) - Republicans in the House of Representatives plan to introduce articles of impeachment against Attorney General Eric Holder on Thursday, in the hopes of removing a cabinet member they say has lied to Congress as well as failed to uphold federal law.
Of course the Senate is a problem.... but I like this a lot.
Reportedly the first article is predicated on Fast and Furious, which ought be more than enough for any thinking Senator to vote in the affirmative.
Of course there are damn few thinking Senators....
".... keep the fed policy going and the asset bubble."
There you go -- right on the mainstream bubble TV channel telling you in blunt language, even if just in passing, that this is just a flat-out asset bubble.
That never ends in a crash.... does it?
No source on this yet that I can cite, but...
It appears that there may be 170,000 policy cancellations from one insurer in Minnesota related to Obamacare. If so given that many of these are family policies and this is almost-certain not to be the entire depth of the issue (that is, other insurers will follow suit) there may be as much as 20% of the state population that is getting dumped effective January 1st.
I'm searching for confirmation on this, but the source is normally quite reliable -- and it apparently is being chatted up on local talk radio there as well.
Keep your eye on this -- that sort of stat, if true, is revolutionary in its implications.
Hmmm.... Greenspan saying on CNBS this morning that Social Security and Medicare are not in fact "getting your own money back"; they're welfare.
Where did that truth come from?
Who let this guy on TV?
FLASH: Letter of intent on the table from FairFax.
Deal size ~$5 billion.
There is a go-shop on the transaction; expect there to be some activity.
Prem Watsa clearly was looking for a scalp, and he got one with yesterday's dump. Guess who was buying while you were selling? Uh huh. That volume was huge and I bet he's got himself a nice chunk there, or at least some of the consortium does. Anything dirty about that -- and last week's announcement? Naw.....
Presuming the reopen does not jump well over the $9 price you now have a buy here, as there's a floor on the price, assuming the deal goes -- and Prem knows the balance sheet and the business better than anyone, as until a few weeks ago he was a board member. You thus have to presume the diligence is in the bag, absent outright and intentional fraud in the accounting department.
For the business this is good. It means the firm goes out of the public eye and can focus without all the games. I suspect this unlocks Morgan Stanley's hesitance to upgrade, as just one example.
For the shareholders, well, not so good. If you're short and didn't cover it this morning (as I pointed out you damn well should have) you're going to give back 75 cents/share on the unlock, I assume, and maybe more. Oh well; if you were short from $11+ you're still happy I hope, and if you were short for years you ought to be quite happy. If over the last year it depends on what you paid to hold the short since it's been on the HTB list and thus had carrying costs that might have been fairly substantial. We'll see.
The danger for anyone who's short that sits at $9 and figures that's what it will be is that there's a month or so of go-shop now and surprises are likely to be on the upside. If you didn't cover it this morning I'd be doing it now.
If you want a spec play here the options for November, depending on the price when the unlock comes, might be interesting. The problem is that one must assume the option writers are right about the risk and thus are unlikely to be giving money away, which means the premiums are likely to be fairly hefty right up until either a bid comes or nothing happens.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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